Minnesota Realtors

Congratulations to Mathew Kilpela for earning the GRI Designation from Minnesota Realtors®! Agents with the GRI designation showcase a consummate knowledge of buying and selling real property and client success. Way to go, Mathew!

APPLICATIONS OPEN!

The MNR-backed First-Generation Homebuyers Community Down Payment Assistance program is NOW ACCEPTING APPLICATIONS.

Buyer-recipients can qualify for up to $32,000 of down payment assistance with a zero-interest loan that is forgiven over five years—as long as the homebuyer lives in the home as their primary residence.

Realtors® can help consumers navigate and take advantage of this incredible fund resource. Learn more about buyer eligibility, conditions, and the application process here. www.firstgendpa.org/ Minnesota Homeownership Center

Why is homeownership a core part of the American dream?

Owning property offers generational equity, stability, tax benefits, predictability, and freedom––foundational benefits for American families.

There are many reasons to own a home, but are the top five:
1️⃣ Equity—Real estate is a historically great investment, leading to generational wealth-building
2️⃣ Tax Benefits—Deduct interest on mortgage, property taxes, and more
3️⃣ Stability—Payment predictability, financial stability, and long-term community engagement
4️⃣ Savings Plan—A ready-made savings-plan for your future, including when you choose to sell your appreciated home.
5️⃣ Freedom—You can customize, update, and remodel your home to fit your lifestyle and needs.

If you’re happy and you know it...you might live in Minneapolis, Minnesota. The Institute for the Quality of Life named Minneapolis as the happiest city in America as part of a global study called the “Happy City Index.” Minneapolis ranked 18th globally, just behind cities like Reykjavik, Iceland and Vienna, Austria.

The qualities the study looked for in a city included education, inclusive policies, economic strength, mobility, environmental protection, access to parks, entertainment, and more.

Congrats, Minneapolis! Read more via the Star Tribune: https://bit.ly/3Rn0gK3

Are you happy? If you live in Minneapolis you probably should be, says a worldwide ranking The Happy City Index judges a city's quality of life using factors that include governance, economy, environment and mobility.

Real Estate License renewal is fast approaching! The deadline for CE compliance is June 30, 2024.

Here are three things you can do:
1️⃣ Ensure you’ve completed the 2023–2024 MN Department of Commerce Required Module. MNR is offering the Required Module for FREE and on demand. Register: https://www.mnrealtor.com/member-services/professional-development/online-continuing-ed

2️⃣ Check your CE compliance on www.pulseportal.com by clicking on the “Review your CE Transcript” link.

3️⃣ Notify the MN DOC about a change of name or address.

Please note: Not all agents are up for renewal this year. For further questions on renewal requirements, contact your broker or the Minnesota Department of Commerce.

What impact will the NAR settlement rule changes have on the real estate industry?

MNR CEO Josh McFall shared his perspective on the settlement and its potential impact on the real estate industry with Twin Cities Business.

“We don’t see commissions falling, nor do we see home prices being affected [in the wake of the settlement],” says McFall, adding, “Agents could always compete on price, always negotiate commissions with buyers.”

Read more about why McFall sees no short-term threat to Realtors®, who are among the “most creative entrepreneurs out there.” https://bit.ly/4aX6OpK

Will the Antitrust Settlement Change Real Estate? | Twin Cities Business The national agency settlement could complicate buying a home, but it probably won't lower the cost. TCB executive editor Adam Platt explains

The lack of housing that the average consumer can afford is a mounting crisis in Minnesota. Our state is home to the most expensive housing costs in the region. Even those with middle-class incomes are feeling the squeeze.

How did the “Land of 10,000 Lakes” become the “Land of Unaffordable Homes”?
Zoning, aesthetic mandates, parking requirements, and other restrictions have impeded the availability of reasonably priced homes.

But there are workable solutions in front of us. Find out how we can achieve a more affordable housing supply through bi-partisan legislative efforts. Read more in our digital magazine: https://bit.ly/4cjdZJF

15 Years in Association Membership!!

Congratulations!

Nels Pierson III of Edina Realty Inc.
Cynthia Gove of Counselor Realty of Rochester
Brian Breider of Infinity Real Estate
Leslie Radcliffe of Radcliffe Realty
Robert "Bucky" Beeman of Realty Growth Inc.
Deanna Tollin of Property Brokers of Minnesota
Lyle Andreen of Edina Realty Inc.

*HOUSING MARKET NEWS*

Mortgage rates dropped below 7% for the first time in months according to Freddie Mac, as more experts predict rates should modestly decline this year.

The mortgage rate lock-in effect appears to be loosening as consumers adjust to the new market reality and new listings trend upward. Buyer demand remains steady, particularly in Minnesota.

NAR’s Dr. Jessica Lautz says an interest rate cut by the Fed around late September is possible, given recent economic reports. Affordability remains a key obstacle for buyers who face higher rates and climbing home prices.

Will prices cool down in 2024? It’s unlikely in most parts of the country including the Midwest, despite signs of softening in certain local markets.

Conversely, the average homeowner gained $28,000 in equity over the past year––nearly a record-high increase. This is positive news as the cost of living continues to rise. Read more on the US housing market from CNBC: https://cnb.cx/4ekdzVh

What impact will the NAR settlement rule changes have on Realtors® and home buyers?

For John Smaby, former NAR and MNR president, the coming rule changes are a net positive leading to greater transparency. Changes will also give Realtors® an opportunity to more clearly articulate the immense value they bring to real estate transactions.

“In a nutshell, what this settlement will do is foster more upfront communication between agents and their clients,” Smaby says in an op-ed published by MinnPost.

Read the full article:

Changes to real estate sales are positive for realtors, homebuyers Consumers navigating the real estate landscape this summer are facing unprecedented complexity and competition.

Homeownership is a fundamental right and a pillar of American Democracy. Despite Fair Housing protections written into law, members of the LGBTQ+ community face ongoing prejudice and discrimination in housing.

As we recognize PRIDE month in June, MNR spoke with LGBTQ+ Real Estate Alliance CEO Ryan Weyandt about the organization’s activism, promoting fair housing practices, and what it means to celebrate diversity.

“Our first mission is to ensure that all q***r folks across the country have the ability—which should not be confused with the means—to buy a home in a process that is free from discrimination,” says Weyandt.

Read more in our digital magazine: https://bit.ly/4cc1hwz

Hello Women’s Council of Realtors Twin Cities Metro Members!

Exciting news! The application process for the 2025 Board of Directors is now open. This is your chance to take on a leadership role, contribute to our vibrant community, and help shape the future of our organization. If you are passionate about making a difference and driving positive change, we encourage you to apply. Let's continue to elevate our profession together!

New home construction represents a growing segment in the real estate market. Do you have the chops to represent buyers or builders in a new build sale?

Our upcoming New Home Construction Sales 101 class will prepare you to best represent all parties to a new build sale. Expertise in new construction sales will give you a definitive edge over competitors.

Taught by broker and certified New Home Sales Professional Rob Phyle. Register now: https://bit.ly/3X9ozP7

*BREAKING NEWS FOR REALTORS® and HOME BUYERS*

The new, forgivable, statewide First-Generation Homebuyers Community Down Payment Assistance Fund is now accepting applications.

This MNR-supported fund will help to put the wealth-building power of homeownership within reach for thousands more Minnesotans and help close the racial homeownership gap.

Realtors® play a critical role by promoting this statewide program to consumers and your homebuyer clients.

Please send applicants and interested parties to the First-Generation DPA program website to learn more about applicant eligibility and qualification requirements. www.firstgendpa.org/
Minnesota Homeownership Center

MNR CEO Josh McFall discussing how to weave sustainability into real estate associations alongside Minneapolis Area Realtors CEO Carrie J. Chang on a panel at the NAR Sustainability Summit.

MNR is a proud sponsor of the NAR Sustainability Summit taking place in Minneapolis today and tomorrow!

Realtors® do so much more than help consumers buy and sell real property. They are also community builders, volunteers, and leaders.

This week is NAR’s Realtor® Volunteer Days and we want to hear how our members are giving back to their local communities this week or throughout the year.

Share your volunteering story as part of our “We Are Minnesota” program. Submit your story: https://bit.ly/3RhoiGb

*NOW OPEN—GRI SCHOLARSHIPS FROM MNR!*

Here are the facts: GRI designees earn more than agents without the designation—it’s the advantage you need in a competitive field. With the GRI, you will broaden your professionalism and expertise while attracting more clients.

MNR is offering scholarships to help more Realtors® reach this career milestone. The GRI Scholarship was created to financially assist awardees with tuition reimbursement and other related designation attainment costs. Scholarship applications open now through August 16, 2024.

Apply today: https://bit.ly/3yEbVxq

*HOUSING MARKET NEWS*

Mortgage rates climbed back over 7% last week, and softening demand has led more sellers to reduce home prices in many regions of the country. Homes with price cuts have reached their highest mark since November 2022.

Will the market follow a cooling trend into the summer months? Some experts say yes, given recent economic data around jobs and inflation. High rates paired with high home prices have slowed sales figures nationwide. Markets continue to “dial back expectations of interest rate cuts” in the near term, according to a Freddie Mac survey.

However, don’t expect a price crash. “In areas with strong job and population gains, any price declines should be viewed as temporary before the next upturn,” said NAR Chief Economist Lawrence Yun.

In Minnesota, buyers haven’t seen affordability relief this spring due to rising monthly mortgage payments and prices. However, competition remains very strong, as multiple-offer scenarios continue to play out, especially in the Twin Cities metro area in cities like Bloomington and Lino Lakes.

Buyers should keep an open mind and work with Realtors® to find the right home for the right price. Realtors® thrive at navigating difficult markets, negotiating, and reducing risks for consumers during a real estate transaction. Read more from Real Estate News. https://bit.ly/3x4Tx0j

Are you on track for real estate license renewal? The deadline for CE compliance is June 30, 2024.

Here are three things you can do:

✅ Ensure you’ve completed the 2023–2024 MN Department of Commerce Required Module. MNR is offering the Required Module for FREE and on demand. Register: https://www.mnrealtor.com/member-services/professional-development/online-continuing-ed
✅ Check your CE compliance on www.pulseportal.com by clicking on the “Review your CE Transcript” link.
✅ Notify the MN DOC about a change of name or address.

Please note: Not all agents are up for renewal this year. For further questions on renewal requirements, contact your broker or the Minnesota Department of Commerce (Minnesota Department of Commerce).

Don’t panic. Realtors® aren’t becoming obsolete in wake of the NAR settlement and coming rule changes. Many media organizations published misinformation about the settlement’s potential impact on consumers and the real estate market.

Now is the time to take a deep breath, and separate fact from fiction.

So, what does the settlement really mean for the real estate industry and for Realtors®? Our legal experts lay out the five things you should know and five things you can do right now related to the NAR settlement.

Read more in our digital magazine: https://bit.ly/3yCDTKa

Have you registered for NAR’s Sustainability Summit? Sustainability is the next great frontier in real estate, poised to greatly impact the housing market in coming years.

To help you stay at the forefront of eco-friendly practices, green solutions, and sustainable development, the National Association of REALTORS® is bringing its annual summit to Minneapolis next week, June 4–5!

MNR is a proud sponsor of this event. Join MNR staff and Realtors® from across the country at this exciting conference. Featuring presentations and panels with local and national real estate sustainability leaders!

Learn more and register now: https://bit.ly/44fxC2B

Speakers include MNR’s CEO Josh McFall and members Rod Helm, Amy Peterson, Todd Shipman, as well as NorthstarMLS CEO Tim Dain.

Sustainability Summit Join NAR on June 4 and 5 in Minneapolis for an immersive experience that will revolutionize your approach to real estate.

If David Bowie and Queen’s hit “Under Pressure” is your work theme song—it might be time for some stress management.

Realtors® juggle many responsibilities simultaneously, from client meetings to paperwork, all while striving to meet client expectations and close deals. This constant pressure can lead to stress, which affects both personal and professional life.

What are the top five ways to manage stress as a real estate agent? Find out from our digital magazine as we recognize Mental Health Awareness Month: https://bit.ly/4aGWCkO

Congratulations to Dustin Antoine on achieving the GRI Designation from Minnesota Realtors®. This is a major career milestone. Help us celebrate with Dustin!

What purchase should consumers NOT make at the click of a button? Buying a home.

For most, a home purchase is the most complex and significant financial decision they will make in a lifetime.

And buying property without the professional help of a Realtor® raises risks for consumers. If you’re thinking about buying a home without representation, you should think again.

Read more about the ways Realtors® reduce risks and help open the door to homeownership for more Americans.

Think You Can Buy a Home Without a Real Estate Agent? You Can—but Here's Why You Might Botch the Job Here are eight things real estate agents handle that will make you thank your lucky stars they've got your back.

90 Realtors® from across the state attended the Accredited Buyer’s Representative (ABR®) designation course at the MNR office this week. We’re proud to host this engaged group of Realtors® who are committed to buyers!

Buyer representation is more important than ever in wake of the NAR settlement and coming rule changes. Buyers need qualified, trustworthy agents to guide them through the most significant and complex financial decision most will make in a lifetime.

Expert instructor and broker/owner Travis Hiatt walked course attendees through every step of the home-buying process and the value agents can bring to their buyer-clients. Attendees can go on to earn their official ABR® designation from NAR.

This is your LAST CHANCE to apply for the 2025 MNR Leadership Team.

Applications close tomorrow, Friday, May 24 at 4:30 pm.

Now is your time to take the lead and help guide the Minnesota Realtors association during this critical period in the real estate industry. Bring your expertise and skills to the table.

Open positions for 2025:
-President-Elect
-First Vice President
-Treasurer (two-year term)

Learn more about qualifications and apply here: https://bit.ly/3PIzxH1